Southeast Asia Oil and Gas Upstream Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 5.50 % |
| Market Concentration | Medium |
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*Disclaimer: Major Players sorted in no particular order |
Southeast Asia Oil and Gas Upstream Market Analysis
The Southeast Asian oil and gas upstream market is expected to register a CAGR of more than 5.5% during the forecast period, 2022-2027. The outbreak of the COVID-19 had negatively impacted the market as lockdown restrictions imposed by the governments in the region have reduced the petroleum products consumption in the region. During the COVID-19 in Q1 of 2020, the region's oil and gas demand dropped by 520,000 barrels per day (b/d). Also, the COVID-19 has caused the delay in the various projects across the region. For instance, Indonesia postponed its six oil and gas bidding rounds, and Petronas delayed its Kelidang cluster in Brunei and Malaysia. Factors such as increasing demand for oil and natural gas and rising foreign direct investment are expected to boost the Southeast Asian oil and gas upstream market during the forecast period. However, with the advent of reliable and cheaper renewable energy, more investment may not focus on oil and gas.
- The offshore sub-segment is expected to dominate the market during the forecast period.
- Countries in the region are eagerly finding and trying to produce oil and natural gas reserves. As a result, increased exploration and discoveries are being made, which could become an opportunity for many players and new entrants in the market.
- Malaysia is expected to dominate the market during the forecast period, owing to new investments in the upstream oil and gas industry.
Southeast Asia Oil and Gas Upstream Market Trends
This section covers the major market trends shaping the Southeast Asia Oil & Gas Upstream Market according to our research experts:
Offshore Segment to Dominate the Market
- The Southeast Asian region is a vital oil and gas producer worldwide. As per the latest data provided by Global Economy in 2021, the region held proved oil reserves of 11.83 billion barrels of oil.
- In 2020, the crude oil production in Southeast Asian countries, such as Thailand, Singapore, Indonesia, Brunei, Malaysia, and Vietnam, was around 92 million tons. The crude oil production is expected to grow as the country focuses on increasing hydrocarbon production through upstream investment and increased exploration activities.
- Investments in the oil and gas industry in major economies such as Malaysia, Thailand, and Vietnam have supported the industry growth. For instance, in 2020, the oil and gas sector received total approved investments of (Malaysian Ringgit) RM353.6 million in Malaysia. Petronas, the state-run oil company, expects (Foreign investment Decisions) FIDs to pick up in 2022 or 2023 with an estimated 10-15%.
- Moreover, significant deep-water projects are increasingly important for Southeast Asia, where new investments in oil and gas production are critical for the region to meet the increasing demand for oil and gas as the countries in the region continue to expand. Deep-water upstream assets reaching final investment approval in the region are expected to grow around 70% in 2024.
- Hence, with upcoming projects and investment flow, the segment is significantly growing during the study period.
Malaysia to Dominate the Market
- Malaysia is one of the vital oil and gas producers in the Southeast Asian region. As of January 2020, Malaysia held proven oil reserves of 3.6 billion barrels. The oil and gas sector in the country contributes around 20.0% to the country's annual GDP.
- In 2020, the crude oil production in the country was around 596 thousand barrels/day, showing a decrease from the previous volume of 663 thousand barrels/day (b/d) in 2019. The government had volunteered to cut its crude oil production by 109,000 b/d from August to December 2020 to comply with the OPEC+ agreement reached on April 15 to maintain price volatility. However, crude oil production is expected to grow as the country focuses on increasing hydrocarbon production through upstream investments and increased exploration activities.
- Investments in the oil and gas sector, particularly in the upstream segment, have supported the sector's growth. In 2020, the oil and gas sector received a total approved investment of MYR 353.6 million. Petronas, the state-run oil company, expects FIDs (Foreign Investment Decisions) to pick up in 2022 or 2023 by an estimated 10-15%.
- Moreover, the country has a few upcoming projects, including the Pegaga gas project in Block SK320, which was expected to produce gas from Q1 2022. The Kasawari gas field is expected to come on stream by 2023.
- Hence, with upcoming projects and investment flow, the country is expected to witness significant growth during the forecast period.
Southeast Asia Oil and Gas Upstream Industry Overview
The Southeast Asian oil and gas upstream market is moderately consolidated. The major companies include Total Energies SE, Shell PLC, Exxon Mobil Corporation, Petroleum Authority of Thailand (PTT), and Petroliam Nasional Berhad (PETRONAS).
Southeast Asia Oil and Gas Upstream Market Leaders
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Petroliam Nasional Berhad (PETRONAS)
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Petroleum Authority of Thailand (PTT)
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Exxon mobil Corporation
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Shell Plc
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Total Energies SE
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Exxon Mobil Corporation
*Disclaimer: Major Players sorted in no particular order
Southeast Asia Oil and Gas Upstream Market News
- In January 2022, Petronas subsidiary Petronas Carigali Sdn Bhd (PCSB) announced a gas discovery in Block SK411, offshore Malaysia, after drilling the Hadrah-1 well. The Hadrah-1 wildcat exploration well is located in the shallow waters of the Balingian province, approximately 170km northwest of the coast of Sarawak in Malaysia.
- In April 2021, Pharos, the UK-based Exploration and Production company, announced plans to start exploration activity in Block 125 of Phu Khanh basin, Vietnam. The company is likely to target two areas within the block, the first being a deep-water area expected to hold one billion barrels (bbl) of recoverable oil. The second area is a shallow-water area with a potential of 100-200 million bbl of recoverable oil.
Southeast Asia Oil and Gas Upstream Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand in USD billion, till 2027
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
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4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
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4.7 Porter's Five Forces Analysis
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Consumers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitute Products and Services
- 4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 Location
- 5.1.1 Onshore
- 5.1.2 Offshore
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5.2 Geography
- 5.2.1 Thailand
- 5.2.2 Singapore
- 5.2.3 Indonesia
- 5.2.4 Brunei
- 5.2.5 Malaysia
- 5.2.6 Vietnam
- 5.2.7 Rest of Southeast Asia
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
- 6.3.1 Shell PLC
- 6.3.2 Total Energies SE
- 6.3.3 Exxonmobil Corporation
- 6.3.4 PTT Public Company Limited
- 6.3.5 Petroliam Nasional Berhad (PETRONAS)
- 6.3.6 Halliburton
- 6.3.7 Vietnam Oil and Gas Group
- 6.3.8 PT Pertamina
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablitySoutheast Asia Oil and Gas Upstream Industry Segmentation
The Southeast Asian oil and gas upstream market report includes:
| Location | Onshore |
| Offshore | |
| Geography | Thailand |
| Singapore | |
| Indonesia | |
| Brunei | |
| Malaysia | |
| Vietnam | |
| Rest of Southeast Asia |
Southeast Asia Oil and Gas Upstream Market Research FAQs
What is the current Southeast Asia Oil and Gas Upstream Market size?
The Southeast Asia Oil and Gas Upstream Market is projected to register a CAGR of greater than 5.5% during the forecast period (2024-2029)
Who are the key players in Southeast Asia Oil and Gas Upstream Market?
Petroliam Nasional Berhad (PETRONAS), Petroleum Authority of Thailand (PTT), Exxon mobil Corporation, Shell Plc, Total Energies SE and Exxon Mobil Corporation are the major companies operating in the Southeast Asia Oil and Gas Upstream Market.
What years does this Southeast Asia Oil and Gas Upstream Market cover?
The report covers the Southeast Asia Oil and Gas Upstream Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Southeast Asia Oil and Gas Upstream Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Southeast Asia Oil and Gas Upstream Industry Report
Statistics for the 2024 Southeast Asia Oil and Gas Upstream market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Southeast Asia Oil and Gas Upstream analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
